China stocks rise, key index up 1.2%

Updated: 2012-04-20 17:34


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BEIJING - Chinese shares rebounded from yesterday's losses to close higher on Friday after speculation that the country will increase liquidity in the financial system soon.

The benchmark Shanghai Composite Index climbed 1.19 percent, or 28.23 points, to finish at 2,406.86.

The Shenzhen Component Index gained 1.15 percent, or 115.63 points, to close at 10,131.03.

Combined turnover rose to 181.3 billion yuan ($28.78 billion) from 164.18 billion yuan the previous trading day.

Gainers outnumbered losers by 673 to 182 in Shanghai and by 972 to 357 in Shenzhen.

China will pump liquidity via open market operations and cutting banks' reserve requirements, to steer the economy towards a soft landing, the China Securities Journal quoted a central bank official as saying.

Financial shares led the increases with the entire board jumping 4.17 percent. Shanxi Securities Co and Founder Securities Co rose by the 10-percent daily limit to close at 8.1 yuan per share and 5.41 yuan per share, respectively.

High-speed railway-related stocks rallied after Railway Minister Sheng Guangzu urged workers and engineers to complete the construction of Beijing-Shijiazhuang high-speed railway and Shijiazhuang-Wuhan high-speed railway on time.

CSR Corp, the country's largest rail car maker, rose 3.54 percent to finish at 4.97 yuan per share, while China CNR Corp, the second largest, climbed 3.22 percent to close at 4.49 yuan per share.

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